Question 15 Below is the company's Cash T-account. Cash Beg. 1,200 7,000 3,100 End. 5.100 The $7,000 amount could represent which of the following? A. Payment for salaries B. Payment for rent c Purchase of equipment for cash D.Issue of common stock for cash Question 16 8 points Save Answer The supplies account has a beginning balance of $1,000 and the company purchases additional supplies for $7,000 during the month. If the company has a remaining balance of supplies of $2,000 at the end of the period, what is the amount of supplies used during the period? A $6,000 B. 58,000 oc 57,000 D. $10,000 Question 17 8 points Save Answer Car Wash Inc. purchased car wash equipment for $50,000 cash. This transaction would be recorded as: $50,000 O A Cash $50,000 Equiment B Notes payable Equiment $50,000 $50,000 c Equipment $50,000 Cash $50,000 $50,000 Dequipment Notes payable $50,000 QueJul 10 UI JI Question 18 8 points Save Answer Which of the following accounts would normally have a debit balance? Accounts payable, accounts receivable and notes payable Supplies expense, accounts payable and service revenue Service revenue, accounts payable and retained earnings Accounts receivables, supplies and interest expense Question 19 8 points Save Answer Purchase of supplies on account for $1,200 is recorded as: A Accounts payable $1,200 Supplies $1,200 B. Supplies $1,200 Cash $1,200 Supplies $1,200 Accounts payable $1,200 D. Supplies $1,200 Accounts receivable $1,200 Question 20 8 points Save Answer Spine Inc. paid one year rent in advance for $12,000 cash. This transaction would be recorded as: A Rent expense $12,000 Accounts payable $12,000 B. Rent expense Cash $12,000 $12,000 Prepaid rent $12,000 Cash $12,000 D. Prepaid rent $12,000 Rent expense $12,000 Question 25 8 points Save Answer On April 1, 2019, Floor Co. paid $24,000 for rent in advance, covering 12 months from April 1, 2019 through March 31, 2020. What adjusting entry should Floor Co. record on December 31, 2019? $24,000 Prepaid rent Rent expense $24,000 Cash $24,000 $24,000 $18,000 Rent expense Rent expense Prepaid rent Rent expense Prepaid rent $18,000 $6,000 D. $6,000 Clean Inc. issues payroll checks every two weeks for a total of $60,000. As of December 31, a salaries expense of $30,000 has been incurred but has not yet been paid to the employees. What is the adjusting entry that Clean Inc. must make to record accrued salaries at the end of the year? $60,000 $60,000 $30,000 $30,000 Salaries payable Salaries expense Salaries payable Salaries expense Salaries expense Salaries payable Salaries expense Salaries payable $60,000 oc Salari $60,000 $30,000 $30,000